Global economic slump has led to a decline in demand for Pakistani textile items in overseas markets, which has resulted in a fall in the country's textile shipments in October 2011.
According to the Ministry of Textile Industry (MinTex), global recession is reducing the purchasing power of people, particularly of those in Europe, which is hit by Eurozone crisis, and this has impacted Pakistan's textile exports, which depicted a downtrend during the month of October, compared to the corresponding period of last year.
As per the provisional data released by the Federal Board of Statistics (FBS), exports during the month dropped by 13.51 percent. However, when the overall exports for the initial four months of the current fiscal are taken into consideration, it portrays a 3.29 percent year-on-year rise in exports.
The drop in textile exports in October, to some extent, is also attributable to gas and power crisis faced by the domestic textile industry.
With a view to boost the exports of the domestic textile industry, the Ministry is surveying new world markets, with a particular focus on Africa, where no quota restrictions apply on Pakistani products.
The MinTex is encouraging the export of more value-added textiles, rather than the export of unfinished goods.
Fibre2fashion News Desk - India
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